Mondelez Earnings: Sales and Profits Sweet Despite Competitive Headwinds

We posit wide-moat Mondelez boasts the right ingredients for growth throughout economic cycles. In this context, the firm has been working to extend the distribution of its fare, invest in its brands, empower local leaders, and innovate nimbly. We believe the prudence of these initiatives can be seen in stout third-quarter results that included a 15.7% increase in organic sales growth (on top of 12% a year ago), a 120-basis-point gain in the adjusted gross margin to 38.6%, and a 60-basis-point bump in the adjusted operating margin to 16.7%.